Following fare hikes of more than 50 percent for domestic flights in Iran, the cost of international tickets has risen even further — by 107 percent.

The Etemad daily wrote on Thursday that the Central Bank has issued its decision and informed international transportation companies that the new increase applies to both domestic and international fares. Etemad added that the foreign currencies required by foreign airlines in Iran will be based on the open market exchange rate.

Until Tuesday night, airline tickets were being sold on the basis of 12,260 rials to the dollar, and starting Wednesday the fares are based on an exchange rate of 24,920 rials to the dollar.

Domestic fares had already been increased by 65 percent two weeks ago.

The national currency, the rial, has tumbled in value over the past year as a result of EU and U.S. sanctions on Iran, which have severely strained Iran’s ability to sell its oil abroad.

Many have also blamed President Mahmoud Ahmadinejad’s economic policies for the sudden fall of the rial and rising inflation.